More than 1.2 million Help to Buy ISA accounts opened
Since the launch of the Help to Buy ISA, over 146,000 first-time buyers have been propelled onto the property ladder, with 196,000 bonuses paid.
The total value of bonuses paid between December 2015 and March 2018 was £157m, used to finance properties worth £25.3bn in total.
Statistics from HM Treasury also revealed that the average bonus value stands at £800, a new record, and the median age of a first-time buyer in the scheme is 27, compared to a national first-time buyer median age of 30.
Geographically, the highest proportion of property completions were in the North West, Yorkshire and The Humber, as well as West Midlands. The mean value of property bought through the scheme came in at £172,448, compared to an average first-time buyer house price of £188,429.
Turning to the Help to Buy: Equity Loan Scheme (from 1 April 2013 to 31 March 2018), the figures revealed that 169,102 properties were bought, with 81% purchased by first-time buyers. The total value of the equity loans was £8.93bn, with the total value of properties sold coming in at £42.2bn.
Properties bought in London stood at 12,205, with the median purchase price coming in at £398,498 for first-time buyers and £475,000 for non-first-time buyers.
Nearly a quarter (23%) of purchases were made by households with a total income between £30,001 and £40,000, while 22% were made by households with an income of between £40,001 and £50,000. Just 2% of completions were made by applicants whose household income was £20,000 or lower, while 10% were made by those earning £80,000 or more.
In total, more than 420,000 people have used the government’s various Help to Buy schemes to get them on the property ladder.
And since the government introduced a stamp duty cut for first-time buyers, 121,500 have saved a total of £284m.
John Glen, economic secretary to the Treasury, said: “We’re helping a new generation of first-time buyers realise their dream of owning a home.
“Help to Buy continues to be hugely popular across the UK, with 420,000 people getting support so far.
“And with our stamp duty cuts and the lifetime ISA, we are delivering for first-time buyers.”